OSLO, March 16 (Reuters) – Norwegian media group Schibsted (Oslo: SCH.OL) may sell some assets or look for a partner for its Classified Media unit as it seeks to raise fresh capital, its chief said.
Chief Executive Kjell Aamot said in an interview with the company’s Aftenposten newspaper published on Monday that turning to shareholders for a capital injection was low on the company’s priority list though that also remained an option.
The company sees divestments as a better way of boosting its capital base, Aamot said.
‘We are considering selling some operations,’ Aamot said. ‘And in the past nine months, we have had a rather significant interest from international companies interested in buying into Schibsted Classified Media.’
‘If we want to, we can bring in capital by letting someone in on the owner side of Schibsted Classified Media.’
Schibsted Classified Media, which includes online and print classified advertising operations in Spain, France and Italy, had fourth-quarter earnings before interest, tax, depreciation and amortisation of 5.4 million euros ($6.98 million) and revenues of 35.4 million.
Three quarters of the classified unit’s revenues came from online activities in the quarter.
At group level, Schibsted swung to a bigger-than-expected loss.
Reporting by John Acher, editing by John Stonestreet
March 16, 2009
source: uk.biz.yahoo.com